The SRTF Announces the Successful Closure of a Livelihoods Project in Northern Aleppo

Türkiye – Tuesday, 1 August 2023 – The SRTF announced the successful closure of its Livelihoods project; “Establishment of Revolving Fund to Support Livelihoods Recovery in Northern Aleppo – Phase I”, in collaboration with Near East Foundation (NEF).

This project delivered loans to a total of 725 entrepreneurs across four training centres in four different locations across Northern Aleppo.

Of those, 515 received micro-loans ($400-$1,090) and 210 received development loans ($1,091-$3,030), enabling entrepreneurs to work in key sectors, including trade and agribusiness.

Additionally, these entrepreneurs were provided with non-financial products and services, including training sessions on topics including business development and financial literacy, as well as access to advice and coaching on topics including marketing and market access.

These elements combined contributed to the project’s overall goal of advancing the growth and sustainability of small and micro-enterprises owned and operated by entrepreneurs. Priority was given to persons with disabilities, individuals from female-headed households and households without earnings, with a focus on youth as well.

As a result, over 75% of the beneficiaries experienced self-sufficiency, improved financial status, and increased profits, and were able to expand their businesses. Around 71% of entrepreneurs reported being able to maintain their businesses and livelihoods, leading to an enhanced sense of stability. This has enhanced the local economy and trading capacities and has improved the local purchasing power.

Furthermore, following the earthquake that hit Northern Syria in February earlier this year, the NEF provided emergency loans and grants to help borrowers overcome the impact of the earthquake, whereby, grants covered essential expenses such as repairing infrastructure and re-establishing their businesses, while loans were designed to be repaid over time, enabling borrowers to recover their economic conditions gradually. This in turn has restored entrepreneurs’ livelihoods, allowing them to become resilient and come together to address their communities’ urgent needs while contributing to the revival of economic activity, thereby aiding in the long-term recovery and self-reliance of the affected areas.

Co-President of NEF, Ms. Simona Ceci, expressed her pride: “In the dynamic landscape of Northern Aleppo, the RCF has helped 725 enterprising individuals to unlock their potential and propel their small and micro-businesses to new heights in key sectors like agribusiness and trade. This transformative initiative not only ensures long-term growth and resilience for these entrepreneurs and their families, significantly improving their livelihoods but also triggers a positive effect that can support and recover the local economy. The earthquake has only proved how such a tool has allowed members of communities to demonstrate their resilience, commitment, and solidarity to support their communities, especially in times of crisis."

The SRTF Director General, Eng. Hani Khabbaz, released a statement on this occasion and said: “We are very proud of the RCF’s resounding success in Northern Aleppo. This visionary initiative not only secures growth and sustainability for enterprising individuals and their families, elevating their livelihoods to new heights but also bestows a ripple effect of prosperity upon the entire local economy. By placing a distinct focus on supporting women and youth, the RCF has become a beacon of hope, fostering inclusive development that uplifts communities and fosters lasting positive change."

The project has a budget of EUR 1.79 million and has benefited 725 entrepreneurs and their families directly, across six communities, over a period of 17 months. It has also benefited other community members given the reactivation of the local economy.

For more information on this project, visit:

Establishment of Revolving Credit Fund to Support Livelihoods Recovery in Northern Aleppo –Phase I

For more information on the SRTF, visit:

http://www.srtfund.org